5 Factors that Can Affect your Doctor Loan Eligibility

5 Factors that Can Affect your Doctor Loan Eligibility

Summary – Availing a doctor loan can help you expand medical practice!  But you need to fulfill doctor loan eligibility to be loan ready! Read on to know factors that can impact loan eligibility!


No matter what type of loan that you may want to apply, if you are short of proving your loan eligibility, lenders may not approve your loan application. When it comes to getting qualified for the loan, the doctor loan is also not an exception.

Yes, even though you are a respected professional of the society, you will not get the doctor loan if you don’t prove your doctor loan eligibility. The doctor loan eligibility is nothing but your capability of repaying the loan depending on various parameters.

This post will let you know some of the vital factors that can impact your doctor loan eligibility if you are all set to apply for the loan.

  • Your income

The amount of doctor loan that you may avail is directed related to the total monthly income minus all expenses that you can save. The higher your monthly income, lower is the chances of your loan defaulting. Hence, if you are earning Rs.70,000 as your monthly income, your chances of availing a doctor loan EMI of Rs.20,000 has a higher chance compared to a doctor making Rs.40,000 monthly. You will need to furnish your salary slips, bank statements, Income Tax Returns (ITRs) to your lender. They will determine your cash flows and spending pattern to verify your income’s stability.

  • Credit score

The credit or the CIBIL score is another crucial factor that lenders will consider as it denotes your creditworthiness. A CIBIL score that remains higher than 750+ or more out of 900 is an ideal score to help you grab the approval of any loan. If you still don’t have a robust credit score, you can improve it by paying all your bills and existing loan EMIs on time.

  • Your repayment history

How well you take care of your repayment of debts such as credit card outstanding, another loan EMIs and more also determines your doctor loan eligibility. Yes, prospective borrowers who default on their bill and loan EMIs’ payments are considered risk by lenders and they don’t offer the loan to them.

  • Existing debts

How much you will finally be able to afford as the doctor loan also depends on your number of existing debts. If you have a higher number of debts already, lenders may assume that adding one more debt may not be good for you as you may default.Hence, try to clear all your dues while applying for the doctor loan so that you get the approval without issues.

  • Experience-based eligibility criteria for doctor loan

When it comes to doctor loans, what kind of specialization you hold as a doctor also impacts the eligibility criteria for doctor loan. Yes, super-specialist doctors such as MS, MD, and DM need no experience of having his/her clinic after completing the course. On the other hand, lenders expect graduate doctors such as MBBS to at least have 2 years of experience post qualification, and dentist needs (BDS/MDS) at least 5 years’ work exposure after qualification. Homoeopathic and Ayurvedic doctors (BAMS/BHMS) should possess 6 years of experience post qualification and must have clinic/home. Homoeopathic doctors (DHMS) would need at least 15 years of work experience after completing their courses to be eligible for the doctor loan.

The Bottom Line

If you are a medical professional and want to expand your medical practice to the new level of excellence, availing a doctor loan can help you in more ways than one.

Doctors may get a higher loan amount up to Rs.35 lakh from reputed online lenders at a lower rate.

Thus, assess your financial situation and check if you have the required doctor loan eligibility or not! Once you are sure of it, you can apply for the doctor loan online!